We refer to the earlier announcement of the Company dated 25 January 2017.
On behalf of the Board of Directors of EAH ("Board"), RHB Investment Bank Berhad wishes to announce that, after having taking into consideration the relevant provisions under the Companies Act, 2016 ("CA 2016") which had come into effect on 31 January 2017 including, amongst others, the abolishment of par value regime, the Board had deliberated and decided to revise the earlier proposals announced on 25 January 2017 to the following proposals:-
i. A capital reduction exercise via the reduction and cancellation of the share capital of EAH which is lost or unrepresented by available assets to the extent of RM44,615,533 as at 31 December 2016 pursuant to Section 115(a) read with Section 116 of the CA 2016 ("Proposed Capital Reduction"); and
ii. A renounceable rights issue of up to 2,524,354,400 new ordinary shares in EAH ("EAH Share(s)") ("Rights Share(s)") at an indicative issue price of RM0.01 per Rights Share on the basis of four (4) Rights Shares for every three (3) existing EAH Shares held, together with up to 1,262,177,200 free detachable warrants in EAH ("Warrant(s) D") on the basis of two (2) free Warrants D for every four (4) Rights Shares subscribed for, on an entitlement date to be determined later after the Proposed Capital Reduction ("Proposed Rights Issue with Warrants").
(Collectively referred to as the "Proposals").
Further details of the Proposals are set out in the attachment enclosed.
This announcement is dated 20 March 2017.